Support and resistance system should only be used in a higher timeframe chart, like one hour and above. This is necessary because at such a higher time frame, brokers cannot manipulate the price to my disadvantage.
How I draw strong support and Resistance
Before I call a level strong, the same level must met the following conditions.
Again, when drawing my support and resistance levels, I use a range, not a single line, this is because price tends to test particular level before retrieving, range caters for these levels.
23 - 27 Maio |
weekly
forecast 23 - 27
Maio Gold Weekly Review Weekly Review: During the previous trading week ending 20th May 2016, the commodity traded perfectly short and is still pretty much bearish. We expect that the massive downward rally witnessed during the previous week is the continuation of wave (5) and may continue during | ||
2016 | EURUSD | GBPUSD | USDJPY |
27 Maio | Wave Analysis EUR/USD is currently trading with a bullish bias. Yesterday, the pair traded within the rising channel, tested the upper trend line around 16.00 EST but ended up closing within the channel. During this intraday, as long as the pair trades within the rising channel, we expect a rally t | Wave Analysis GBP/USD is currently trading with a bullish bias. Yesterday, the pair rebounded from the resistance level 1.47068, headed short and is still pretty much bearish. We expect the current upward rally to be a mere upward pullback and should not close above 1.4729, a close above this level | Wave Analysis USD/JPY is currently trading with a bearish bias. Yesterday the pair traded short and even gave us a trend continuation candle on the daily chart. During intraday, we expect further movements to the lower side but should not go below 109.10. In the meantime, we sit on the side lines a |
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